The Rise Of Behavioral Economics

Last week, Richard Thaler won the Nobel Prize! This is a very exciting moment that I have been waiting for a long time. Which is the increasing awareness of behavioral economics. This is the second Nobel prize related to Behavioral Economics. The first one is Daniel Kahneman which is a close colleague of Richard Thaler.

I’m ecstatic because finally, the world especially the governments could become more aware of the benefits of behavioral economics. And for the traditional economist that still believe that we are homo economicus (the term for fully rational human), will start to realize that the theories of behavioral economics are more relevant and more accurate than the theories of classical economics (microscale).

Honestly, behavioral economics always has been an underestimated field. There are still only a few behavioral economics undergraduate and postgraduate programs available. Even in my major which is branding, there still no behavioral economics course yet. Even though both subjects are very related to each other. That’s why I made this very blog. This is the contribution that I could make to the field. In the past 4,5 months, I tried to increase the awareness of behavioral economics to the world and how it’s super useful to real life case by uploading posts related to the field. That’s why most of my post are not just theories, but with real-life cases and examples.

I hope because of this event, behavioral economics will be taken seriously by institutes, governments, and by all of us. So that people will realize that behavioral economics is the future of economics.

Thank you for reading this post. If you interested in the field, please check my behavioral economics categories. If you have anything in mind, tell us in the comment box below!

REFERENCES AND SUPPORTING ARTICLES

Richard H. Thaler – Interview. (n.d.). Retrieved from https://www.nobelprize.org/nobel_prizes/economic-sciences/laureates/2017/thaler-interview.html

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